Mizuho Cuts Ovintiv (NYSE:OVV) Price Target to $50.00

Ovintiv (NYSE:OVV) had its price target cut by equities research analysts at Mizuho from $58.00 to $50.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Mizuho’s price objective would suggest a potential upside of 23.31% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. Wells Fargo & Company decreased their price target on Ovintiv from $46.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Monday, June 16th. Citigroup set a $54.00 price target on Ovintiv and gave the company a “buy” rating in a research report on Wednesday, July 2nd. TD Cowen upgraded Ovintiv to a “strong-buy” rating in a research report on Monday, July 7th. The Goldman Sachs Group upgraded Ovintiv from a “neutral” rating to a “buy” rating and upped their price target for the company from $47.00 to $51.00 in a research report on Tuesday, July 1st. Finally, Barclays upped their price target on Ovintiv from $55.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, July 25th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ovintiv presently has an average rating of “Buy” and a consensus target price of $52.53.

Ovintiv Stock Down 2.4%

OVV traded down $1.01 during mid-day trading on Monday, reaching $40.55. 1,033,883 shares of the stock were exchanged, compared to its average volume of 3,488,900. The company has a 50 day moving average price of $40.65 and a two-hundred day moving average price of $38.78. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. The stock has a market capitalization of $10.42 billion, a PE ratio of 18.00, a price-to-earnings-growth ratio of 5.38 and a beta of 1.08. Ovintiv has a 1 year low of $29.80 and a 1 year high of $47.18.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Thursday, July 24th. The company reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.02). The company had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.92 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. As a group, research analysts anticipate that Ovintiv will post 5.59 EPS for the current year.

Institutional Trading of Ovintiv

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OVV. Charles Schwab Investment Management Inc. lifted its stake in Ovintiv by 383.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company’s stock worth $396,267,000 after acquiring an additional 7,344,796 shares during the period. AQR Capital Management LLC raised its holdings in Ovintiv by 69.7% in the first quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company’s stock worth $238,513,000 after purchasing an additional 2,288,989 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in Ovintiv by 143.8% in the second quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company’s stock worth $142,278,000 after purchasing an additional 2,205,233 shares in the last quarter. Fuller & Thaler Asset Management Inc. bought a new position in shares of Ovintiv during the first quarter valued at $56,865,000. Finally, Qube Research & Technologies Ltd bought a new position in shares of Ovintiv during the second quarter valued at $41,701,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

About Ovintiv

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.